- The general duty to communicate appropriately
- Judging what is appropriate
- Taking responsibility for your work
- Social and other media
- Communications in personal life
8.2 Members are expected to present information in a way that is accurate, impartial and in accordance with relevant professional standards so that users who are relying on that information can both understand the context of the information and be clear about the message being conveyed. Communication is, therefore, a key part of a Member’s role. In order for Members to ensure that their communications (both written and oral) are appropriate, understanding the purpose and nature of their instruction is key.
8.3 Appropriate communication is very often a matter of putting oneself in the place of the intended audience. For example:
- Is the communication courteous and professional?
- Are recommendations or options to be considered and the implications of each set out clearly?
- Is it clear what you are asking of the user where you are requesting something from them?
- Will they be able to navigate easily to the sections that are most relevant to their needs?
- Will they understand the basis on which estimates and calculations have been made, and the appropriate degree of confidence in the results?
- Above all, is the document fit for purpose, and appropriate for the use to which it is to be put?
8.4 Amplification 6.2 requires that Members “show clearly that they take responsibility for their work”. It is essential to the trust in which the profession is held that there is clear accountability for any work carried out by Members. It would not be appropriate therefore for communications to users to be presented anonymously, especially where they are likely to influence or be relied upon by the user.
8.5 It may sometimes be the case that the person taking ultimate responsibility for work has not themselves carried out the bulk of the work. In cases like this, the person taking responsibility for the work will need to ensure that they have fully understood what has been done and have carried out any relevant checks before signing the work.
8.6 Users are entitled to expect that the Member who has carried out a piece of work is satisfied that the information being provided is suitable and accurate. Members are expected to ensure that they are never knowingly associated with misleading information.
8.7 This section details some of the considerations Members may wish to have in mind when using social media. Much of the guidance would however apply equally to Members’ communications using other types of media, for example television or the printed press.
8.8 When used appropriately social media can be an extremely useful tool which allows Members to communicate quickly and effectively with other Members as well as the wider public. Discussion forums and social networking sites enable Members to reach a larger audience than they might otherwise be able to and are a way for Members to share ideas and develop professional working relationships. While the use of social media is therefore encouraged, its many benefits need to be balanced against the risk that it can sometimes pose to a Member’s professional reputation if used inappropriately.
8.9 Members can put their professional reputation and membership of the IFoA at risk if they act in a way on social media that is unprofessional or unlawful. This might include (but is not limited to):
- sharing confidential information inappropriately - often there will be legal requirements prohibiting the disclosure of certain personal and sensitive information whether online or otherwise;
- posting inappropriate comments about others (including users and other Members);
- using inappropriate language;
- implicating oneself in unprofessional or unlawful conduct or encouraging others to behave unprofessionally or unlawfully;
- posting comments that are bullying or threatening; and
- posting anything that may be viewed as inappropriately discriminatory or that incites hatred or such discrimination.
8.10 Information shared online can be copied and passed on much more quickly than by any other means and potentially to a much wider audience. Once something is published online it is no longer private. What is more, once shared, information published online can remain in the public domain for a very long time. It is important, therefore, that before posting anything online, Members carefully consider the content of what they are posting and how it might be perceived by others.
8.11 Nothing in this Guidance is intended to discourage Members from communicating through social media, however, it is important to remember that even when posting in personal forums, others may be aware that you are a Member of the IFoA and any information you provide or opinions you express may be judged in that light of that. This is particularly true where you identify yourself as being a Member in those forums. It is also worth remembering that the publication of information on social media carries the same obligations as for other types of communications and you therefore need to take care not to engage in any conduct online that threatens your ability to comply with your requirements under the Code or impact on any of your other professional obligations.
8.12 If you are unsure whether something you are considering posting online is appropriate, think about what the impact might be if the information once shared is then disseminated widely. Remember that there can be consequences. It is not only the information that you post directly that has the potential to call into question your professionalism; endorsing someone else’s point of view on a public post also has the potential to impact on how others perceive you. If in doubt, it is probably safer not to post than to post something you are unsure about and then regret it later.
8.13 When engaging in online discussion, be aware that the views you express may provoke a response; it is important to be open to the opinions of others and to treat others with respect, even if they are disagreeing with your view.
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This event is now full. Please register here for the wait list
Five plenaries and 13 workshops cover current topics and industry trends in the Pension sector with the opportunity to develop your network at the pre-conference evening dinner (18 June). There is also a day ticket option available for the 19 June.
This KSS talk from FinTech Scotland's CEO will explore the mission to create an integrated Fintech ecosystem through provision of funding, support, infrastructure and talent that recognises and responds to the needs of all stakeholders - and the overarching aim for Scotland to be one of the top 5 Fintech global leaders by 2020.
To book your place, please email Barry_Shannon@standardlife.com
CIGI is a well-established one-day seminar designed to increase awareness and encourage discussion on a variety of topical issues across the general insurance industry.
There will be an excellent and diverse line-up of speakers to provide a variety of perspectives and challenge covering technical and professional areas.
Fake news, post truth, mistrust of experts... a familiar roll call of anxieties – or perhaps clichés – about our data rich world. They point to an underlying fear that in this data abundant age the bad data drives out the good and we are left with a broken public discourse.
This event is now fully booked. Please click here to register on the waiting list.
The pensions dashboard has been talked about across the industry for a long time and now nears implementation with DWP’s consultation ending in January 2019.
Our motivation for discussing this important subject comes from some exciting recent research which has analysed the impact of behavioural factors on the decision to purchase an annuity. This work has shown that behavioural factors can explain the well-known low demand for immediate annuities but this research also identifies an important opportunity in relation to deferred annuities (DA). The research suggests that these factors lead to positive incentives to purchase a DA and that, for longer deferred periods, a DA could be an attractive product for both consumers and insurers.
The Institute and Faculty of Actuaries (IFoA) and Singapore Actuarial Society (SAS) are organising a joint Professional Skills Training (PST) in Singapore. This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Life, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.
The IFoA’s Risk Management and Finance and Investment Boards are delighted to host a series of webinars covering a range of topical and trending topics ranging from climate related risks to Brexit.
Notice is hereby given that the ANNUAL GENERAL MEETING of the INSTITUTE AND FACULTY OF ACTUARIES will be held at The Hub, Edinburgh on Wednesday 26 June 2019 at 16.30 (Preceded by tea from 16.00) and followed by a PRESIDENTIAL ADDRESS given by John Taylor.
The Institute for Financial and Actuarial Mathematics (IFAM) at the University of Liverpool is pleased to host the 2019 Actuarial Teachers’ and Researchers’ Conference from 27-28 June 2019. This annual two-day event has been running annually now for many years, each time hosted by a different university, and provides all those interested in actuarial research and education a great opportunity to share their ideas and catch up on the latest developments.
The Institute and Faculty of Actuaries (IFoA) and Actuarial Society of Malaysia (ASM) are organising a joint Professional Skills Training (PST) in Kuala Lumpur. This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Life, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.
Presented by Louise Pryor
Air pollution has gained increasing attention lately. Nicola Oliver, head of longevity and mortality research for Medical Intelligence, will discuss not only the impacts of air pollution on health and life expectancy but also how as an industry we should be addressing it.
The actuarial profession has much to offer the world of banking. In this webinar actuaries with experience in various fields of banking will talk about the opportunities there are in banking; describing the actuarial aspects of the work they do as well as other roles within their area of banking.
Towards the end of June, the International Accounting Standards Board (IASB) is expected to publish an Exposure Draft (ED) of limited changes to its insurance contracts standard IFRS 17, effective date 2022. To help IFoA members, the IFoA’s cross-practice Financial Reporting Group (FRG) is hosting an event at Staple Inn covering these developments.
For more information on the FRG please visit this webpage.
Presenter: Rahul Verma
Presenter Matt Modisett
This KSS talk, presented by the FCA Head of Department in Scotland, will focus on the following 3 main areas:
- FCA business plan priorities
- The future of regulation
- FCA Engagement in Scotland
For life insurers in the UK, the risk margin is one of the most controversial aspects of the Solvency II regime. Following its implementation, the risk margin came under considerable criticism for being too large and too sensitive to interest rate movements. These criticisms are particularly valid for annuity business – such business is of great significance to the national system for retirement provision. This criticism has led to political interest, and the risk margin was a major element of the Treasury Committee inquiry into Solvency II.
GIRO is attended annually by over 800 delegates and speakers who are keen to discuss key topics such as Pricing, Reserving, Modelling and the future of the insurance industry. GIRO 2018 was a huge success and we have opened bookings early for what we hope will be another brilliant conference at the EICC in Edinburgh this year.
Presenter Jon Spain
The IFoA is pleased to announce that this year’s Autumn Lecture will feature the Rt Hon Nicky Morgan MP as its guest speaker. Nicky has previously served as Financial Secretary to the Treasury and Minister for Women. She now chairs the Treasury Select Committee whose remit is to examine the expenditure, administration and policy of HM Treasury, along with all of its agencies and associated bodies.